FxWirePro: Nikkei225 faces strong resistance at 17000, good to sell on rallies

• Major resistance  - 16985 (11 May High)
   
• Major support - 16530 (10 day EMA)
   
• Nikkei index has slightly retreated after making a high of 16838. It is currently trading around 16648.
   
• Short term trend is  slightly bearish as long as resistance 17000 holds.
   
• The index major resistance is around 17000 and any break above will take the index to next level 17300/17525.
    
• On the lower side major support is around 16470 (10 day EMA)  and break below will drag the index down till 16320/16000/15800 in short term.
    
• Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies  around 16750-800 with SL around 17000 for the TP of 16525/16350